On May 17, 2020, a cargo ship carrying containers appeared near Yantian Port in Shenzhen following the outbreak of the novel coronavirus disease (COVID-19) in Guangdong Province, China.
Martin Pollard | Reuters
BEIJING – China’s exports rose 8.7% year-on-year in U.S. dollar terms in August, customs agency data showed.
That was higher than forecasts for year-on-year growth of 6.5% in dollar terms, according to a Reuters poll.
Imports grew by 0.5%. In dollar terms, the increase was below last year’s forecast of 2%, the survey showed. Exports in July increased by 7% year-on-year, and imports grew by 7.2%, exceeding expectations.
In August, China’s exports to its major trading partners, the United States, the European Union and the Association of Southeast Asian Nations, all increased compared with the same period last year. Exports to the EU grew the fastest, up 13%, according to CNBC calculations of official data.
Data analysis shows that China’s imports from the United States increased by 12% year-on-year in August, while imports from the European Union fell. Imports from ASEAN increased by 5%.
Data analysis shows that China’s imports from Russia fell by 1%, while exports increased by 10%.
China’s exports have always been a bright spot in an economy that has struggled to boost domestic demand.
Official data released on Monday showed that excluding volatile food and energy prices, the core consumer price index rose 0.3% year-on-year in August. This is the slowest since March 2021, according to Wind Information.
China’s growing reliance on exports comes as trade tensions with the United States and the European Union intensify, leading to increased tariffs on Chinese electric vehicles and other products.
This is a breaking news story. Please check back for updates.
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